petition the court as allowed in this trust agreement, or by Oregon law. Disposition of Separate Trust upon Death of Child. If a child of mine does not effectively exercise the power of appointment provided under the preceding subparagraph as to all or any part of that child's separate trust, then, upon the death of that child, the Trustee shall distribute the remaining balance of that child's separate trust, which is not effectively appointed, to that child's then living descendants, per stirpes, outright and free of trust. This is a legal protection to cover both spouses in the event of a divorce. carrying on business in the city of Calgary, in the Province of … As used throughout this instrument, the education expenses of any beneficiary hereof shall be deemed to include the expenses of tuition, books, other equipment and supplies required in the course of study undertaken, and living expenses (including reasonable travel) incurred in connection with attendance at any educational institution, including private schooling at the elementary and secondary school level, colleges and universities, trade schools, graduate schools and including vocational apprenticeships, internships and residencies. Thereafter, the successor Trustees designated in accordance with the provisions of Article IX of this instrument shall pay to or apply for the benefit of any one or more members of a group consisting of myself, my children, and the descendants of my children so much of the net income and principal of the trust, even to the extent of exhausting principal, as the successor Trustees may consider advisable for their health, maintenance and support. Irrevocable Trust Agreement Form Exercise Extreme Caution when using many of our free forms - or any legal material. B. The trust instrument is called a "Trust Agreement… BETWEEN: COMPANY ONE, a corporation having an office and. 3. The powers reserved to me under this paragraph are personal to me and shall not be assignable or extend to any other person, including the personal representative of my estate or any beneficiary named herein. Details. If the trust ends for this reason, the principal and income accumulated in the trust goes to whomever the young … By using the website, you agree to our use of cookies to analyze website traffic and improve your experience on our website. Step 20 – Use Attachment A (last page) to itemize all assets and property that will be assigned to the Trust. This is a legal protection to cover both spouses … The Trustee (including any successor Trustee or Trustees) may retain any residential real property or apartment, and the contents thereof, that may be received by the Trustee under my will or otherwise, to purchase, to rent and to maintain residential real estate including an ordinary, cooperative or condominium apartment for occupancy, rent-free, by any of the beneficiaries hereunder, so long as one or more of them may wish to use and occupy it as a home, and to sell it when it is no longer so used and occupied, to pay all rent, taxes, assessments, repairs and other charges for maintaining such real and personal property or apartment, including title, public liability, fire and extended coverage insurance, and to make such purchases or payments out of such beneficiary's portion of the principal or income, in accordance with applicable law, as the Trustee, in his sole discretion, may determine. 25. This would include making sound investment decisions that can earn more for the trust property. Borrow Money. The Declaration of Trust Form establishes a new trust and appoints a trustee to oversee it. Ensure your property affairs are in order for when you pass away by placing your assets in an amendable Living Trust. Reservation of Power to Amend or Revoke. B. This form can be used by a landowner to draft an agreement that allows him to sell the land to another person and in the bargain transfer the ownership of the land too. Enter the name and address of the individual who will be appointed “Pet Caretaker.” Provide a second name and address for an “Alternate Pet Caretaker,” who will assume responsibility of the Grantor’s pets should the first Pet Caretaker be unable to fulfill the necessary duties. 2. NOTE: - All forms and books on this page are free. WHEREAS, I wish to create a trust of certain property for the benefit of myself and others, such property being described in Schedule A attached hereto and having been delivered this date to the Trustee; and, WHEREAS, I or another person or persons may hereafter wish to add other property to the trust by gift, devise or bequest under the terms of a Last Will and Testament or by otherwise depositing with the Trustee such other property; and, WHEREAS, the Trustee agrees to perform such trust in accordance with the terms and conditions and within the powers and limitations hereinafter set forth in this instrument; NOW, THEREFORE, the Trustee agrees to hold such property and any other property acceptable to the Trustee that I or any other person or persons may add to the Trust by will or otherwise, all of which is hereinafter referred to as the "trust property," and to manage, invest and reinvest the same in trust for the following uses and purposes: A. Insure. ARTICLE V: DISTRIBUTIONS TO BENEFICIARIES UNDER LEGAL AGE. Reservation of Powers by Thomas V. Sample. The last portion of this document should be completed by the notary public (if present). 2. Payment to Minors or Incompetents. The Washington revocable living trust form is a document used for distributing one’s estate which ensures that the estate’s inheritors will bypass probate court proceedings. The Trustee (including any successor Trustee or Trustees) shall use his best efforts to collect any sums due and payable under any insurance policy or policies held hereunder, but shall not be required to institute legal proceedings until indemnified. Upon my death, the Trustee may elect any mode of settlement permitted by the terms and provisions of any insurance policy or policies on my life, wherein such policy or policies designate the Trustee as beneficiary, that the Trustee, in their sole discretion, may believe to be in the best interest of the beneficiaries of the trusts created under this instrument. Land Contract Agreement Form Download. Lessen the burden on your loved ones by creating a Revocable Living Trust quickly and easily with our step-by-step questionnaire. I expressly reserve the power during my lifetime (i) to revoke this instrument, in whole or in part, at any time by an instrument in writing delivered to the Trustee, and (ii) to alter, amend, or modify this instrument at any time and from time to time by an instrument in writing without the consent of the Trustee or any beneficiary; provided, however, that in the event of an amendment or modification of this instrument, the duties, powers and liabilities of the Trustee shall not be substantially increased without the written consent of the Trustee. The document should be customized to include any specific provisions you’d like to include in the trust. Execute Instruments. This individual will make sure that the pets are in good hands and that the funding is being spent solely on pet-related care. Either the named Beneficiaries can receive the personal property or a specific individual (this option requires the name, address, and Social Security number of the individual). In the meantime, such share shall be held by such beneficiary's parent(s) or legal representative, with all the powers granted herein, who shall pay to or apply for the benefit of such beneficiary so much of the net income and principal thereof as the parent(s) or legal representative of such beneficiary shall determine for the health, education, support and maintenance of such beneficiary. To borrow money and to assume indebtedness for such periods of time and upon such terms and conditions as to rates, maturities, renewals, and security as the Trustee shall deem advisable, including the powers of a corporate trustee to borrow from its own banking department, for the purpose of paying debts, taxes, administration expenses, or other charges against any trust created hereunder, or any part thereof, and to mortgage, pledge or otherwise encumber such portion of any such trust as may be required to secure such loan or loans, and to renew existing loans either as maker or as endorser; 5.